Carmarthen Furnace Bank
Encyclopedia
This is a bank
established in Carmarthenshire
in the 18th century as a result of the efforts of a Welsh
entrepreneur and businessman called John Morgan. The banking business started by issuing tokens to facilitate an iron
and tin
works operation and then developed into a full-fledged bank. However, few records of the works, or the bank, exist.
and Furnace
Bank
is unknown.
However, in 1909 a copper
plate for the printing of the Bank’s notes was found in the River Cothi
, and a rubbing from the copper plate, in the possession of Carmarthenshire Antiquarian Society, indicates that the Bank must have been founded in the decade commencing with the year 1790.
His father, Robert Morgan, had established the Cwmdwyfran Iron Works and John Morgan, senior, continued the works for many years. The date of origin of these works is not known, but the works was producing in 1740. In 1750, 120 tons of bar-iron were manufactured. The remains of the Iron Works at Furnace Bank are now located in a builder’s merchants yards and were built by Robert Morgan in 1748. The foundry made guns and shot for the Board of Ordnance
until 1760. The tin mills were added in 1761, and tin plate production continued until 1900.
Cwmdwyfran Iron Works was engraved on some of the tokens issued by the Works, in 1792, in order to facilitate the business. These were payable in London
, Bristol
and Carmarthen. The only known illustration of the Cwmdwyfran Iron Works is the engraving
contained on the copper tokens. Although the making of such coins was illegal, the shortage of small coins had become so acute that in 1792, the prohibition was, in many cases, ignored.
In a letter written in 1899 by Mrs C. I. W. Morgan, wife of Mr Charles Morgan (the last male of his line), she states that, on looking through some old papers, she found a legal permission to Mr John Morgan of Furnace House, Carmarthen, to start a bank in that town, but the letter contains no other details of this document, or its date.
The proceedings of the Great Sessions held at Glamorganshire on 22 March 1796, indicate that a man named John Watkins, employed as a guard on the Cardiff
mail coach to Swansea
, was charged and convicted of grand larceny
. Messrs. Morgan, bankers at Carmarthen, gave evidence that they sent to London for a remittance in cash which was packed in a box and sent down in the mail coach. It was proved that the box was put on the coach at Cardiff but was missing at Swansea. John Watkins denied the theft, but on a constable
saying that ‘he must have been the man for that basket in which the money was packed was found in his house’, he gave himself away by replying ’No, that cannot be true , for there was no basket about the money.’ This evidences the fact that the Bank was carrying-on business, and was established before, 1796.
were also issued, although none of these, so far as is known, are now in existence.
No specimen of any bank note from this Bank is known to exist.
David Morris amalgamated the Bank with his existing banking business, styled David Morris & Sons
. David Morris & Sons was later named Carmarthen Bank
, probably after the failure of the bank of the same name, conducted by Waters, Jones & Co.
David Morris left the Bank to his cousins, who later parted with it to the National Provincial Bank
of England.
, Llandovery Bank
, Llanelly Bank
, Marten & Co., and David Morris & Sons
.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
established in Carmarthenshire
Carmarthenshire
Carmarthenshire is a unitary authority in the south west of Wales and one of thirteen historic counties. It is the 3rd largest in Wales. Its three largest towns are Llanelli, Carmarthen and Ammanford...
in the 18th century as a result of the efforts of a Welsh
Welsh people
The Welsh people are an ethnic group and nation associated with Wales and the Welsh language.John Davies argues that the origin of the "Welsh nation" can be traced to the late 4th and early 5th centuries, following the Roman departure from Britain, although Brythonic Celtic languages seem to have...
entrepreneur and businessman called John Morgan. The banking business started by issuing tokens to facilitate an iron
Iron
Iron is a chemical element with the symbol Fe and atomic number 26. It is a metal in the first transition series. It is the most common element forming the planet Earth as a whole, forming much of Earth's outer and inner core. It is the fourth most common element in the Earth's crust...
and tin
Tin
Tin is a chemical element with the symbol Sn and atomic number 50. It is a main group metal in group 14 of the periodic table. Tin shows chemical similarity to both neighboring group 14 elements, germanium and lead and has two possible oxidation states, +2 and the slightly more stable +4...
works operation and then developed into a full-fledged bank. However, few records of the works, or the bank, exist.
Origins
The date of establishment of the CarmarthenCarmarthen
Carmarthen is a community in, and the county town of, Carmarthenshire, Wales. It is sited on the River Towy north of its mouth at Carmarthen Bay. In 2001, the population was 14,648....
and Furnace
Furnace
A furnace is a device used for heating. The name derives from Latin fornax, oven.In American English and Canadian English, the term furnace on its own is generally used to describe household heating systems based on a central furnace , and sometimes as a synonym for kiln, a device used in the...
Bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
is unknown.
However, in 1909 a copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
plate for the printing of the Bank’s notes was found in the River Cothi
River Cothi
The River Cothi is the largest tributary of the River Tywi in south Wales. It is noted for its trout and sea trout fishing and for its beautiful scenery.-Dolaucothi:...
, and a rubbing from the copper plate, in the possession of Carmarthenshire Antiquarian Society, indicates that the Bank must have been founded in the decade commencing with the year 1790.
Establishment
The Bank was established by John Morgan, senior, the owner in 1778 of the Carmarthen Tin Works, who also issued a number of copper tokens to help his business at the works.His father, Robert Morgan, had established the Cwmdwyfran Iron Works and John Morgan, senior, continued the works for many years. The date of origin of these works is not known, but the works was producing in 1740. In 1750, 120 tons of bar-iron were manufactured. The remains of the Iron Works at Furnace Bank are now located in a builder’s merchants yards and were built by Robert Morgan in 1748. The foundry made guns and shot for the Board of Ordnance
Board of Ordnance
The Board of Ordnance was a British government body responsible for the supply of armaments and munitions to the Royal Navy and British Army. It was also responsible for providing artillery trains for armies and maintaining coastal fortresses and, later, management of the artillery and engineer...
until 1760. The tin mills were added in 1761, and tin plate production continued until 1900.
Cwmdwyfran Iron Works was engraved on some of the tokens issued by the Works, in 1792, in order to facilitate the business. These were payable in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Bristol
Bristol
Bristol is a city, unitary authority area and ceremonial county in South West England, with an estimated population of 433,100 for the unitary authority in 2009, and a surrounding Larger Urban Zone with an estimated 1,070,000 residents in 2007...
and Carmarthen. The only known illustration of the Cwmdwyfran Iron Works is the engraving
Engraving
Engraving is the practice of incising a design on to a hard, usually flat surface, by cutting grooves into it. The result may be a decorated object in itself, as when silver, gold, steel, or glass are engraved, or may provide an intaglio printing plate, of copper or another metal, for printing...
contained on the copper tokens. Although the making of such coins was illegal, the shortage of small coins had become so acute that in 1792, the prohibition was, in many cases, ignored.
In a letter written in 1899 by Mrs C. I. W. Morgan, wife of Mr Charles Morgan (the last male of his line), she states that, on looking through some old papers, she found a legal permission to Mr John Morgan of Furnace House, Carmarthen, to start a bank in that town, but the letter contains no other details of this document, or its date.
The proceedings of the Great Sessions held at Glamorganshire on 22 March 1796, indicate that a man named John Watkins, employed as a guard on the Cardiff
Cardiff
Cardiff is the capital, largest city and most populous county of Wales and the 10th largest city in the United Kingdom. The city is Wales' chief commercial centre, the base for most national cultural and sporting institutions, the Welsh national media, and the seat of the National Assembly for...
mail coach to Swansea
Swansea
Swansea is a coastal city and county in Wales. Swansea is in the historic county boundaries of Glamorgan. Situated on the sandy South West Wales coast, the county area includes the Gower Peninsula and the Lliw uplands...
, was charged and convicted of grand larceny
Grand Larceny
Grand Larceny is a 1987 thriller film directed by Jeannot Szwarc and starring Marilu Henner, Ian McShane, Omar Sharif and Louis Jourdan.-Plot summary:...
. Messrs. Morgan, bankers at Carmarthen, gave evidence that they sent to London for a remittance in cash which was packed in a box and sent down in the mail coach. It was proved that the box was put on the coach at Cardiff but was missing at Swansea. John Watkins denied the theft, but on a constable
Constable
A constable is a person holding a particular office, most commonly in law enforcement. The office of constable can vary significantly in different jurisdictions.-Etymology:...
saying that ‘he must have been the man for that basket in which the money was packed was found in his house’, he gave himself away by replying ’No, that cannot be true , for there was no basket about the money.’ This evidences the fact that the Bank was carrying-on business, and was established before, 1796.
Bank notes
The copper plate, found in the River Cothi, is for printing £5 bank notes, and it is probable that notes of a lower denominationDenomination (currency)
Denomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used with other means of payment like gift cards. See also Redenomination.-Subunit and super unit:...
were also issued, although none of these, so far as is known, are now in existence.
No specimen of any bank note from this Bank is known to exist.
Amalgamation
The letter written in 1899 by Mrs C. I. W. Morgan also states that the Bank was afterwards sold to Mr. David Morris of Carmarthen.David Morris amalgamated the Bank with his existing banking business, styled David Morris & Sons
David Morris & Sons
David Morris & Sons was a bank which was established in Carmarthenshire, Wales in the 18th century. It now a constituent part of The Royal Bank of Scotland Group.-History:...
. David Morris & Sons was later named Carmarthen Bank
Carmarthen Bank
This was a bank that was established in, and operated in, Carmarthenshire during the 19th century. It became bankrupt in 1832 and its name was then adopted by another Carmarthenshire based bank.-History:...
, probably after the failure of the bank of the same name, conducted by Waters, Jones & Co.
David Morris left the Bank to his cousins, who later parted with it to the National Provincial Bank
National Provincial Bank
National Provincial Bank was a British retail bank which operated in England and Wales from 1833 until its merger into the National Westminster Bank in 1970; it remains a registered company but is dormant...
of England.
Other Carmarthenshire banks
Other Carmarthenshire banks include Carmarthen BankCarmarthen Bank
This was a bank that was established in, and operated in, Carmarthenshire during the 19th century. It became bankrupt in 1832 and its name was then adopted by another Carmarthenshire based bank.-History:...
, Llandovery Bank
Llandovery Bank
The Llandovery Bank was established in Llandovery in 1799 in the premises known as the King’s Head on Stone Street , where it remained for many years...
, Llanelly Bank
Llanelly Bank
-History:Little is known about the history of Llanelly Bank. However, the House of Lords Sessional Papers, of 1801-1833, record that the bank’s licence was renewed in 1812, and that the licence was granted to Richard Pemberton, the Elder of Barnes, Durham, Ralph Stephen Pemberton of Llanelli,...
, Marten & Co., and David Morris & Sons
David Morris & Sons
David Morris & Sons was a bank which was established in Carmarthenshire, Wales in the 18th century. It now a constituent part of The Royal Bank of Scotland Group.-History:...
.